GENERAL ASSEMBLY OF NORTH CAROLINA Session 2017 Legislative Retirement Note
|
|
- Jewel Neal
- 5 years ago
- Views:
Transcription
1 GENERAL ASSEMBLY OF NORTH CAROLINA Session 2017 Legislative Retirement Note BILL NUMBER: Senate Bill 257 (Fifth Edition) SHORT TITLE: Appropriations Act of SPONSOR(S): FUNDS AFFECTED: State General Fund, State Highway Fund, other State employer receipts SYSTEM OR PROGRAM AFFECTED: Teachers and State Employees Retirement System (TSERS), Consolidated Judicial Retirement System (CJRS), Legislative Retirement System (LRS), Separate Insurance Benefit Plan (SIBP), and special separation allowance. BILL SUMMARY: Section 35.19A: Grants a one-time cost-of-living supplement of one and six-tenths percent (1.6%) of the annual benefit to retirees in the TSERS, CJRS, and LRS who were retired as of September 1, The supplement will be paid in a lump sum on or before October 31, Section 35.19B: Defines a probation/parole officer for retirement benefit purposes and changes the definition of law-enforcement officer in G.S (11c) to include probation/parole officers with respect to service rendered on or after July 1, Changing the definition of law-enforcement officer has the following impacts in other areas of the General Statutes: G.S (b19) says A member who is a law enforcement officer will be eligible for unreduced retirement at age 55 with 5 years of service as a law-enforcement officer or reduced retirement at age 50 with 15 years of service as a law-enforcement officer. Because G.S is in the same chapter as G.S (11c), changing the definition of law-enforcement officer extends those retirement age provisions to probation/parole officers. G.S (a) says that the separation allowance is available to every sworn lawenforcement officer as defined by G.S (11c) By changing the definition in G.S (11c), this section causes probation/parole officers to start earning service toward the separation allowance. While only service on or after July 1, 2017 counts toward the requirement to have 5 years of law enforcement service immediately prior to retirement, probation/parole officer service prior to July 1, 2017 will count toward the requirement that half of an employee s career be as a law enforcement officer. G.S says that the SIBP is established for all law enforcement officers, as defined in G.S (11c) By changing the definition in G.S (11c), the bill makes probation/parole officers eligible for the SIBP. The bill does not change the definition of law enforcement officer in G.S (a)(4). That is the definition that applies to the NC 401(k) Plan. Thus, the bill does not extend the lawenforcement 401(k) benefits to probation/parole officers. Senate Bill 257 (Fifth Edition) 1
2 Because the bill only changes the definition of law-enforcement officer with respect to service rendered on or after July 1, 2017, most probation/parole officers would have to work for at least five more years to be eligible to retire at a different age or receive the separation allowance. No other sections of the bill modify retirement benefits or statutes. EFFECTIVE DATE: Both of these sections are effective July 1, 2017 ESTIMATED IMPACT ON STATE: Section 35.19A Conduent, the actuary for the TSERS, CJRS, and LRS, estimates that the provisions of this section will have a nonrecurring cost in FY as follows: TSERS CJRS LRS Percent of Payroll 0.50% 1.03% 1.08% General Fund $ 50,793,495 $ 773,293 $ 39,096 Highway Fund $ 1,510,495 $ 0 $ 0 Receipt Funds $ 22,724,445 $ 0 $ 0 Total Annual Cost $ 75,028,435 $ 773,293 $ 39,096 This section will not increase the unfunded liability of TSERS, CJRS, or LRS beyond FY because the additional contributions during the fiscal year are estimated to offset the additional benefits paid out. Hartman & Associates, the actuary for the General Assembly, estimates that the provisions of this section will have a non-recurring cost in FY as follows: TSERS CJRS LRS Percent of Payroll 0.53% 1.03% 1.11% General Fund $ 53,841,105 $ 773,293 $ 40,182 Highway Fund $ 1,601,125 $ 0 $ 0 Receipt Funds $ 24,087,912 $ 0 $ 0 Total Annual Cost $ 79,530,141 $ 773,293 $ 40,182 None of the systems have gains available to cover a portion of these costs. Section 35.19B Both Conduent, the actuary for the Retirement System, and Hartman & Associates, the actuary for the General Assembly, estimate that the change to the TSERS retirement ages will result in an increase in the actuarially determined employer contribution of 0.02% of payroll, or $2.0 million from the General Fund. Both actuaries estimate an increase in the SIBP liability of $0.2 million, which would not eliminate the surplus in the SIBP. Conduent also estimates negligible decreases in the contributions and/or liability for the Disability Income Plan and Death Benefit Plan due to the expected change in retirement patterns. Senate Bill 257 (Fifth Edition) 2
3 The actuaries estimated the following cash flow impact due to the additional separation allowances: Year Conduent Hartman & Associates FY $0 $0 FY $0 $0 FY $0 $0 FY $0 $0 FY $0 $0 FY $142,000 $182,663 FY $463,000 $514,066 FY $821,000 $855,506 FY $1,221,000 $1,199,239 FY $1,632,000 $1,577,257 Conduent estimates that the actuarial accrued liability for the additional separation allowance payments is approximately $14 million. This liability was calculated at a discount rate of 3.20%, which is based on the yield of the S&P Municipal Bond 20 Year High Grade Rate Index as of December 31, Both actuaries used data provided by the Department of Public Safety showing 1,784 active probation/parole officers with a total annual payroll of $73 million as of March Appropriations Section sets contribution rates sufficient to cover the increased cost of these two sections and contribute the amount recommended by the actuary to properly fund existing benefits. ASSUMPTIONS AND METHODOLOGY: The cost estimates of the System's Actuary are based on the employee data, actuarial assumptions and actuarial methods used to prepare the December 31, 2015 actuarial valuations. Significant membership and financial statistics, assumptions, and methods are shown in the following tables: Membership Statistics (as of 12/31/2015 unless otherwise noted, M = millions) Active Members Count 305, , ,170 General Fund $10,185M $70M $190M Compensation Valuation $13,897M $5,869M $70M $1,213M Compensation (Total) Average Age Average Service Inactive Members Senate Bill 257 (Fifth Edition) 3
4 Count 143,214 59, N/A Retired Members Count 201,522 63, N/A Annual Benefits $4,202M $1,182M $40M $0.7M paid out Average Age N/A New Retirees During ,100 4, N/A Financial Statistics (as of 12/31/2015 unless otherwise noted, M = millions) Accrued Liability (AL) $71,522M $24,360M $616M $33M (total liability) Actuarial Value of Assets $66,169M $23,649M $550M $53M (AVA) Market Value of Assets $62,669M $22,404M $521M $53M (MVA) Unfunded Accrued Liability (AL - AVA) $5,353M $711M $66M ($19M) Funded Status (AVA / AL) 93% 97% 89% 159% Required Employer Contribution for FY (as % of pay) 10.33% 7.50% (non-leo) 30.23% 0% Salary Increase Assumption (includes 3.50% inflation and productivity) 8.10% 7.75% 5.50% N/A Assumed Rate of 7.25% 3.75% Investment Return Cost Method Entry Age Normal N/A Amortization 12 year, closed, flat dollar N/A Demographic assumptions based on experience, RP-2014 mortality, and projection of future mortality improvement with scale MP-2015 Benefit Provisions Formula Unreduced retirement age/service 1.85% x 3.02% to Service 4.02% x 4 Year Avg x Service Pay x Final Pay 1.82% x Service x 4 Year Avg Pay Any/30; 60/25; 65 (55 for LEO)/5 Any/30; 60/25; 65 (55 for LEO)/5 $5,000 for actives; $4,000 for retirees; $2,100 additional for line-of-duty deaths 50/24; 65/5 Retirees must have 20 or more years of service to qualify Senate Bill 257 (Fifth Edition) 4
5 Employee contribution (as % of pay) 6% 6% 6% None Further detailed information concerning these assumptions and methods is shown in the actuary's report, which is available upon request from David Vanderweide. SOURCES OF DATA: Conduent, One-Time Pension Supplement for State, Local, Judicial and Legislative Retirement Systems, February 27, 2017, original of which is on file in the General Assembly s Fiscal Research Division. Hartman & Associates, LLC, 1% Non-Recurring Supplement for Retirees in the TSERS, LGERS, CJRS, and LRS, March 1, 2017, original of which is on file in the General Assembly s Fiscal Research Division. Conduent, Probation/Parole Officers Retirement House Bill 428 Proposed Committee Substitute H428-CSBH-2 [v.2], April 11, 2017, original of which is on file in the General Assembly s Fiscal Research Division. Hartman & Associates, LLC, House Bill 428 Proposed Committee Substitute H428-CSBH-2 [v.2]: An Act to Enhance the Benefits of Probation/Parole Officers Who Are Members of the TSERS, April 6, 2017, original of which is on file in the General Assembly s Fiscal Research Division. TECHNICAL CONSIDERATIONS: FISCAL RESEARCH DIVISION: (919) The above information is provided in accordance with North Carolina General Statute and applicable rules of the North Carolina Senate and House of Representatives. PREPARED BY: David Vanderweide APPROVED BY: Mark Trogdon, Director Fiscal Research Division DATE: May 30, 2017 Signed Copy Located in the NCGA Principal Clerk's Offices Senate Bill 257 (Fifth Edition) 5
GENERAL ASSEMBLY OF NORTH CAROLINA Session 2017 Legislative Retirement Note
GENERAL ASSEMBLY OF NORTH CAROLINA Session 2017 Legislative Retirement Note BILL NUMBER: Senate Bill 257 (Eighth Edition) SHORT TITLE: Appropriations Act of 2017. SPONSOR(S): FUNDS AFFECTED: State General
More informationGENERAL ASSEMBLY OF NORTH CAROLINA Session 2015 Legislative Retirement Note
GENERAL ASSEMBLY OF NORTH CAROLINA Session 2015 Legislative Retirement Note BILL NUMBER: SHORT TITLE: SPONSOR(S): House Bill 97 (Third Edition) 2015 Appropriations Act. Representatives Dollar, L. Johnson,
More informationGENERAL ASSEMBLY OF NORTH CAROLINA Session 2017 Legislative Retirement Note
GENERAL ASSEMBLY OF NORTH CAROLINA Session 2017 Legislative Retirement Note BILL NUMBER: SHORT TITLE: SPONSOR(S): Senate Bill 467 (First Edition) North Carolina Retirement Reform. Senators Wells, Rabon,
More informationDecisions on Teachers and State Employees Retirement System (TSERS)
January 31, 2019 Decisions on Teachers and State Employees Retirement System (TSERS) Issue. The most recent TSERS actuarial valuation report documents the recommended Actuarially Determined Employer Contribution
More informationDecisions on Teachers and State Employees Retirement System (TSERS)
January 25, 2018 Decisions on Teachers and State Employees (TSERS) Issue. The most recent TSERS actuarial valuation report documents the recommended Actuarially Determined Employer Contribution (ADEC)
More informationDiscussion and Analysis of Proposed Election Assumption Conduent Human Resource Services
North Carolina Contributory Death Benefit Plan Discussion and Analysis of Proposed Election Assumption Conduent Human Resource Services Election Assumption New GASB standard is effective for fiscal years
More informationTeachers and State Employees Retirement System Principal Results of Actuarial Valuation as of December 31, 2016
October 26, 2017 Teachers and State Employees Retirement System Principal Results of Actuarial Valuation as of December 31, 2016 Board of Trustees Meeting David Driscoll and Mike Ribble Conduent Human
More informationRegisters of Deeds Supplemental Pension Fund Principal Results of Actuarial Valuation as of December 31, 2016
October 26, 2017 Registers of Deeds Supplemental Pension Fund Principal Results of Actuarial Valuation as of December 31, 2016 Board of Trustees Meeting David Driscoll and Mike Ribble Conduent Human Resource
More informationActuarial Valuation Report as of June 30, Maine Public Employees Retirement System Retiree Group Life Insurance. Presented by Cheiron
Actuarial Valuation Report as of June 30, 2010 Maine Public Employees Retirement System Retiree Group Life Insurance Presented by Cheiron October 2010 Table of Contents i Letter of Transmittal 2 Section
More informationCity of Marine City Retirement
City of Marine City Retirement Shelby Township System Fire and Police Retirement System JUNE 30, 2018 ACTUARIAL VALUATION December 31, 2016 Actuarial Valuation Report Actuarial Certification 3 Executive
More informationPension Plan of Town of West Warwick Management Summary of 7/1/2013 Actuarial Valuation
Pension Plan of Town of West Warwick Management Summary of 7/1/2013 Actuarial Valuation January 13, 2014 Table of Contents Significant Changes for 2013 2 Participant Information 3 Participant Information
More informationGuidance on Return-to-Work Laws for Members of the Teachers and State Employees Retirement System (TSERS)
Guidance on Return-to-Work Laws for Members of the Teachers and State Employees Retirement System (TSERS) Over time, the North Carolina General Assembly has enacted, and amended, laws governing the return
More informationConsolidated Judicial Retirement System of North Carolina Report on the Actuarial Valuation Prepared as of December 31, 2013
Consolidated Judicial Retirement System of North Carolina Report on the Actuarial Valuation Prepared as of December 31, 2013 October 2014 2014 Xerox Corporation and Buck Consultants, LLC. All rights reserved.
More informationLegislative Retirement System of North Carolina. Report on the Actuarial Valuation Prepared as of December 31, 2015
Legislative Retirement System of North Carolina Report on the Actuarial Valuation Prepared as of December 31, 2015 October 2016 2014 Xerox Corporation and Buck Consultants, LLC. All rights reserved. Xerox
More informationReport on the Actuarial Valuation for Virginia Retirement System
Report on the Actuarial Valuation for Virginia Retirement System Prepared as of June 30, 2017 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve December 20, 2017
More informationDecisions on Local Governmental Employees Retirement System (LGERS)
January 31, 2019 Decisions on Local Governmental Employees Retirement System (LGERS) Issue. The LGERS Board of Trustees (the Board) adopted the Employer Contribution Rate Stabilization Policy (ECRSP) on
More informationMarch 26, The purpose of the valuation of the City of Eastpointe Employees Death Benefit Plan as of November 1, 2012 is to:
March 26, 2013 The Board of Trustees Employees Death Benefit Plan Eastpointe, Michigan Dear Board Members: The purpose of the valuation of the Employees Death Benefit Plan as of November 1, 2012 is to:
More informationTeachers Retirement Association of Minnesota A Pension Trust Fund of the State of Minnesota. Actuarial
Teachers Retirement Association of Minnesota A Pension Trust Fund of the State of Minnesota Actuarial Actuary s Certification Letter 72 Actuarial Actuarial 73 74 Actuarial Actuarial 75 76 Actuarial Summary
More informationKansas Public Employees Retirement System
Kansas Public Employees Retirement System Valuation Report as of December 31, 2016 TABLE OF CONTENTS Sections Actuarial Certification Letter Page Section 1 Board Summary 1 Section 2 Scope of the Report
More informationWyoming Volunteer Firefighter and Emergency Medical Technician Pension Fund Actuarial Valuation Report for the Year Beginning January 1, 2018
Wyoming Volunteer Firefighter and Emergency Medical Technician Pension Fund Actuarial Valuation Report for the Year Beginning January 1, 2018 April 6, 2018 Board of Trustees Wyoming Volunteer Firefighter
More informationState of Wyoming Retirement System Actuarial Valuation Report for the Year Beginning January 1, 2018
State of Wyoming Retirement System Actuarial Valuation Report for the Year Beginning January 1, 2018 April 6, 2018 Board of Trustees State of Wyoming Retirement System 6101 Yellowstone Road Suite 500 Cheyenne,
More informationRegisters of Deeds Supplemental Pension Fund Principal Results of Actuarial Valuation as of December 31, 2017
Principal Results of Actuarial Valuation as of December 31, 2017 October 25, 2018 Board of Trustees Meeting Larry Langer, ASA, FCA, EA, MAAA Jonathan Craven, ASA, FCA, EA, MAAA Client Logo Valuation Results
More informationNORTH CAROLINA NATIONAL GUARD PENSION FUND Report on the Actuarial Valuation Prepared as of December 31, 2012
NORTH CAROLINA NATIONAL GUARD PENSION FUND Report on the Actuarial Valuation Prepared as of December 31, 2012 October 2013 October 2, 2013 Board of Trustees Teachers' and State Employees' Retirement System
More informationTeachers and State Employees Retirement System Principal Results of Actuarial Valuation as of December 31, 2017
Teachers and State Employees Retirement System Principal Results of Actuarial Valuation as of December 31, 2017 October 25, 2018 Board of Trustees Meeting Larry Langer, ASA, FCA, EA, MAAA Jonathan Craven,
More informationRegisters of Deeds Supplemental Pension Fund Report on the Annual Valuation Prepared as of December 31, 2013
Registers of Deeds Supplemental Pension Fund Report on the Annual Valuation Prepared as of December 31, 2013 October 2014 2014 Xerox Corporation and Buck Consultants, LLC. All rights reserved. Xerox and
More informationRegisters of Deeds Supplemental Pension Fund. Report on the Annual Valuation Prepared as of December 31, 2014
Registers of Deeds Supplemental Pension Fund Report on the Annual Valuation Prepared as of December 31, 2014 October 2015 2015 Xerox Corporation and Buck Consultants, LLC. All rights reserved. Xerox and
More informationEl Paso County Retirement Plan
Conduent HR Consulting, LLC El Paso County Retirement Plan Actuarial Valuation Report Prepared as of January 1, 2018 May 2018 May 24, 2018 Board of Retirement El Paso County Retirement Plan 105 E. Vermijo,
More informationActuarial. Actuarial. Actuarial. Actuarial. Actuarial. Actuarial. Actuarial
Teachers Retirement Association of Minnesota A Pension Trust Fund of the State of Minnesota Actuarial Actuarial Actuarial Actuarial Actuarial Actuarial Actuarial Actuary s Certification Letter 54 Actuarial
More informationTown of Scituate Retirement Plan for the Police Department Employees
Town of Scituate Retirement Plan for the Police Department Employees Financial Disclosure Information in accordance with Statements of Governmental Accounting Standards Board Statement No. 67 ( GASB 67
More informationGASB STATEMENT NO. 67 REPORT
GASB STATEMENT NO. 67 REPORT FOR THE KANSAS PUBLIC EMPLOYEES RETIREMENT SYSTEM MEASUREMENT DATE: JUNE 30, 2017 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve October
More informationWyoming Law Enforcement Retirement Fund Actuarial Valuation Report for the Year Beginning January 1, 2018
Wyoming Law Enforcement Retirement Fund Actuarial Valuation Report for the Year Beginning January 1, 2018 April 6, 2018 Board of Trustees Wyoming Law Enforcement Retirement Fund 6101 Yellowstone Road Suite
More informationCity of Dover, Delaware General Employee Pension Plan. July 1, 2016 Actuarial Valuation Report
City of Dover, Delaware General Employee Pension Plan July 1, 2016 Actuarial Valuation Report Table of Contents Actuarial Certification 3 Executive Summary 5 Summary Results 5 Changes Since Prior Valuation
More informationACTUARIAL VALUATION REPORT
MARTA / ATU LOCAL 732 EMPLOYEES RETIREMENT PLAN ACTUARIAL VALUATION REPORT AS OF JANUARY 1, 2011 BHA CONSULTING LLC 5400 LAUREL SPRINGS PARKWAY, SUITE 1306 SUWANEE, GA 30024 TEL: 678-456-6200 FAX: 678-456-6205
More informationRegisters of Deeds Supplemental Pension Fund Principal Results of Actuarial Valuation as of December 31, 2015
Principal Results of Actuarial Valuation as of December 31, 2015 Board of Trustees Meeting Larry Langer and Mike Ribble October 27, 2016 Principal Results of December 31, 2015 Valuation Valuation Results
More informationState Teachers Retirement System of Ohio
State Teachers Retirement System of Ohio Actuarial Valuation Report as of July 1, 2018 Produced by Cheiron October 2018 TABLE OF CONTENTS Section Page Actuarial Certification... i Section I Board Summary...1
More informationCity of Marine City Retirement
City of Marine City Retirement Shelby Township System Fire and Police Retirement System JUNE 30, 2017 ACTUARIAL VALUATION December 31, 2016 Actuarial Valuation Report Actuarial Certification 3 Executive
More informationFlorida Retirement System Pension Plan
Milliman Actuarial Valuation Actuarial Valuation as of July 1, 2017 Prepared by: Matt Larrabee, FSA, EA, MAAA Principal and Consulting Actuary Daniel Wade, FSA, EA, MAAA Principal and Consulting Actuary
More informationCity of Brockton Contributory Retirement System
City of Brockton Contributory Retirement System Actuarial Valuation Report Plan Year as of January 1, 2015 August 2016 Table of Contents Sections I Overview... 1 II Summary Of Principal Results... 3 III
More informationWest Virginia Teachers Retirement System
West Virginia Teachers Retirement System Actuarial Valuation As of July 1, 2013 Prepared by: for the West Virginia Consolidated Public Retirement Board January 2014 January 15, 2014 West Virginia Consolidated
More informationReport on the Actuarial Valuation for Virginia Retirement System. Prepared as of June 30, 2014
R Report on the Actuarial Valuation for Virginia Retirement System Prepared as of June 30, 2014 December 19, 2014 The Board of Trustees Page 2 The promised benefits of VRS are included in the calculated
More informationJune 19, Compute the City s recommended contribution rate for the Fiscal Year beginning July 1, 2015.
June 19, 2015 The Retirement Board Employees Retirement System Marine City, Michigan Dear Board Members: The purpose of the annual actuarial valuation of the Employees Retirement System as of June 30,
More informationConduent Human Resource Services Retirement Consulting. The Prison Officers Pension Fund of New Jersey
Conduent Human Resource Services Retirement Consulting The Prison Officers Pension Fund of New Jersey Information Required Under Governmental Accounting Standards Board Statement No. 67 as of June 30,
More informationA R K A N S A S P U B L I C E M P L O Y E E S R E T I R E M E N T S Y S T E M ( I N C L U D I N G D I S T R I C T J U D G E S ) G A S B S T A T E M E
A R K A N S A S P U B L I C E M P L O Y E E S R E T I R E M E N T S Y S T E M ( I N C L U D I N G D I S T R I C T J U D G E S ) G A S B S T A T E M E N T N O S. 6 7 A N D 6 8 A C C O U N T I N G A N D
More informationLocal Governmental Employees Retirement System Principal Results of Actuarial Valuation as of December 31, 2017
Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve Local Governmental Employees Retirement System Principal Results of Actuarial Valuation as of December 31, 2017
More informationA R K A N S A S P U B L I C E M P L O Y E E S R E T I R E M E N T S Y S T E M ( I N C L U D I N G D I S T R I C T J U D G E S
A R K A N S A S P U B L I C E M P L O Y E E S R E T I R E M E N T S Y S T E M ( I N C L U D I N G D I S T R I C T J U D G E S ) G A S B S T A T E M E N T N O S. 6 7 A N D 6 8 A C C O U N T I N G A N D
More informationCITY OF EVANSTON POLICE PENSION FUND ACTUARIAL VALUATION AS OF JANUARY 1, 2016
CITY OF EVANSTON POLICE PENSION FUND ACTUARIAL VALUATION AS OF JANUARY 1, 2016 CONTRIBUTIONS APPLICABLE TO THE PLAN/FISCAL YEAR ENDED DECEMBER 31, 2016 September 16, 2016 Board of Trustees City of Evanston
More informationDecember 4, Minnesota State Retirement System Legislators Retirement Fund St. Paul, Minnesota. Dear Board of Directors:
MINNESOTA STATE RETIREMENT SYSTEM LEGISLATORS RETIREMENT FUND ACTUARIAL VALUATION REPORT AS OF JULY 1, 2013 December 4, 2013 Minnesota State Retirement System St. Paul, Minnesota Dear Board of Directors:
More informationMINNESOTA STATE RETIREMENT SYSTEM STATE EMPLOYEES RETIREMENT FUND
MINNESOTA STATE RETIREMENT SYSTEM STATE EMPLOYEES RETIREMENT FUND ACTUARIAL VALUATION REPORT AS OF JULY 1, 2015 December 14, 2015 Minnesota State Retirement System St. Paul, Minnesota Dear Board of Directors:
More informationP U B L I C E M P L O Y E E S R E T I R E M E N T A S S O C I A T I O N O F M I N N E S O T A
P U B L I C E M P L O Y E E S R E T I R E M E N T A S S O C I A T I O N O F M I N N E S O T A GENERAL EMPLOYEES RET I R E M E N T P L A N ACTUARIAL V A L U A T I O N R E P O R T A S O F J U L Y 1, 2013
More informationIPERS Actuarial Assumptions and Methods 2015
ECONOMIC ASSUMPTIONS: Rate of Inflation (effective June 30, 2014) 3.00% per annum Rate of Crediting Interest on Contribution Balances (effective June 30, 2014) 3.75% per annum, compounded annually Rate
More informationP U B L I C E M P L O Y E E S R E T I R E M E N T A S S O C I A T I O N O F M I N N E S O T A
P U B L I C E M P L O Y E E S R E T I R E M E N T A S S O C I A T I O N O F M I N N E S O T A LOCAL GOVERNMENT CORR E C T I O N A L S E R V I C E RETIREMENT PLAN ACTUARIAL V A L U A T I O N R E P O R T
More informationNORTH CAROLINA GENERAL ASSEMBLY Session 2017 Legislative Fiscal Note
NORTH CAROLINA GENERAL ASSEMBLY Session 2017 Legislative Fiscal Note Short Title: Bill Number: Sponsor(s): High-Pay JDIG Job Cap Modification Senate Bill 820 (First Edition) Senators Tillman, Newton, and
More informationMilwaukee Board of School Directors Early Retirement Supplement and Benefit Improvement Plan Actuarial Valuation As of July 1, 2017
Appendix F to RFP 1001 Milwaukee Board of School Directors Early Retirement Supplement and Benefit Improvement Plan Actuarial Valuation As of July 1, 2017 Table of Contents Section Page Introduction A
More informationGENERAL ASSEMBLY OF NORTH CAROLINA Session Legislative Fiscal Note
GENERAL ASSEMBLY OF NORTH CAROLINA Session 2007 Legislative Fiscal Note BILL NUMBER: Senate Bill 894 (First Edition) SHORT TITLE: SPONSOR(S): Bereavement Leave/State and School Employees. Senator Malone
More informationMaine Public Employees Retirement System Retiree Group Life Insurance Program
Maine Public Employees Retirement System Retiree Group Life Insurance Program Participating Local Districts (PLDs) Actuarial Valuation and GASB Statement No. 74 Report as of June 30, 2018 Presented by
More informationJune 30, Additional Factors. Dear Mr. Watts:
June 30, 2016 Mr. Sam Watts Policy Development Analyst State of North Carolina Department of State Treasurer Retirement Systems Division 3200 Atlantic Avenue Raleigh, NC 27604 Michael A. Ribble, FSA, EA,
More informationNovember Public Employees Retirement Association of Minnesota General Employees Retirement Plan St. Paul, Minnesota
MINNESOTA GENERAL EMPLOYEES RETIREMENT PLAN ACTUARIAL VALUATION REPORT AS OF JULY 1, 2012 November 2012 Public Employees Retirement Association of Minnesota St. Paul, Minnesota Dear Trustees of the : The
More informationNovember 6, Board of Trustees State Universities Retirement System of Illinois 1901 Fox Drive Champaign, Illinois 61820
STATE UNIVERSITIES RETIREMENT SYSTEM OF ILLINOIS A CTUARIAL V ALUATION R EPORT AS OF J UNE 30, 2015 November 6, 2015 Board of Trustees 1901 Fox Drive Champaign, Illinois 61820 Dear Members of the Board:
More informationJune 2, 2016 City #00048
June 2, 2016 City #00048 City Official City of Aransas Pass P.O. Box 2000 Aransas Pass, TX 78335 Subject: 2017 Municipal Contribution Rate Dear City Official: Presented below are your city s contribution
More informationNorth Carolina Local Governmental Employees Retirement System. Report on the Actuarial Valuation Prepared as of December 31, 2015
North Carolina Local Governmental Employees Retirement System Report on the Actuarial Valuation Prepared as of December 31, 2015 October 2016 2015 Xerox Corporation and Buck Consultants, LLC. All rights
More informationCITY OF CAPE CORAL MUNICIPAL GENERAL EMPLOYEES' RETIREMENT PLAN ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016
CITY OF CAPE CORAL MUNICIPAL GENERAL EMPLOYEES' RETIREMENT PLAN ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016 CONTRIBUTIONS APPLICABLE TO THE PLAN/FISCAL YEAR ENDED SEPTEMBER 30, 2018 February 28, 2017
More informationWYOMING JUDICIAL RETI R E M E N T S Y S T E M ACTUARIAL VALUATION R E P O R T FOR T H E Y E A R B E G I N N I N G J A N U A R Y 1,
WYOMING JUDICIAL RETI R E M E N T S Y S T E M ACTUARIAL VALUATION R E P O R T FOR T H E Y E A R B E G I N N I N G J A N U A R Y 1, 2 0 1 7 April 24, 2017 Board of Trustees Wyoming Judicial Retirement System
More informationJuly 30, The Retirement Board City of Taylor Police and Fire Retirement System Taylor, Michigan
July 30, 2018 The Retirement Board Retirement System Taylor, Michigan Dear Board Members: The purpose of the annual actuarial valuation of the Retirement System as of June 30, 2017 is to: Compute the liabilities
More informationNational Guard Pension Fund Principal Results of Actuarial Valuation as of December 31, 2014
National Guard Pension Fund Principal Results of Actuarial Valuation as of December 31, 2014 Board of Trustees Meeting Larry Langer and Mike Ribble October 22, 2015 National Guard Pension Fund Principal
More informationPublic Employees Retirement Association of Minnesota General Employees Retirement Plan Actuarial Valuation Report as of July 1, 2017
Public Employees Retirement Association of Minnesota General Employees Retirement Plan Actuarial Valuation Report as of July 1, 2017 November 10, 2017 Public Employees Retirement Association of Minnesota
More informationState Retirement and Pension System of Maryland Actuarial Valuation as of June 30, 2004
State Retirement and Pension System of Maryland Actuarial Valuation as of June 30, 2004 November 2004 TABLE OF CONTENTS Section Letter of Transmittal Page (i) I. Board Summary... I-1 II. III. IV. Assets...
More informationMetropolitan Transit Authority Union Pension Plan
Metropolitan Transit Authority Union Pension Plan January 1, 2017 Actuarial Valuation Prepared by: James Tumlinson, Jr. EA, MAAA Jake Pringle EA, MAAA Milliman, Inc. 500 Dallas St., Suite 2550 Houston,
More informationLOCAL GOVERNMENTAL EMPLOYEES RETIREMENT SYSTEM FOR LOCAL LAW ENFORCEMENT OFFICERS YOUR RETIREMENT BENEFITS
LOCAL GOVERNMENTAL EMPLOYEES RETIREMENT SYSTEM FOR LOCAL LAW ENFORCEMENT OFFICERS YOUR RETIREMENT BENEFITS Member Handbook Department of State Treasurer Raleigh, NC Revised January 2016 NORTH CAROLINA
More informationKansas Public Employees Retirement System
Kansas Public Employees Retirement System Valuation Report as of December 31, 2017 TABLE OF CONTENTS Sections Actuarial Certification Letter Page Section 1 Board Summary 1 Section 2 Scope of the Report
More informationThe Town of Middletown Pension Plan
The Town of Middletown Pension Plan GASB 67 and 68 Information For Fiscal Year Ending June 30, 2018 November 2018 Buck 420 Lexington Ave. Suite 2220 New York, NY 10170 November 2018 Mr. Marc W. Tanguay
More informationExhibit 1. Morningstar, State of North Carolina Pension Overview (Nov. 20, 2013).
Exhibit 1 Morningstar, Pension Overview (Nov. 20, 2013). Also available at https://www.nctreasurer.com/ret/documents/morningstarncpensionreport.pdf Morningstar Pension Report Release Date: 20 Nov 2013
More informationVirginia Retirement System Modernization and Pension Reform Changes
Virginia Retirement System Modernization and Pension Reform Changes Virginia Government Finance Officer s Association Spring Conference May 24, 2013 Barry C. Faison VRS Chief Financial Officer Agenda Overview
More informationGASB STATEMENT NO. 67 REPORT
GASB STATEMENT NO. 67 REPORT FOR THE MISSOURI STATE EMPLOYEES RETIREMENT SYSTEM PREPARED AS OF JUNE 30, 2017 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve October
More informationActuarial Section ARLINGTON COUNTY EMPLOYEES RETIREMENT SYSTEM. Arlington County Employees Retirement System
ARLINGTON COUNTY EMPLOYEES RETIREMENT SYSTEM Arlington County Employees Retirement System 54 Arlington County Employees Retirement System Actuarial Section 55 Arlington County Employees Retirement System
More informationTEACHERS AND STATE EMPLOYEES RETIREMENT SYSTEM FOR STATE LAW ENFORCEMENT OFFICERS YOUR RETIREMENT BENEFITS
TEACHERS AND STATE EMPLOYEES RETIREMENT SYSTEM FOR STATE LAW ENFORCEMENT OFFICERS YOUR RETIREMENT BENEFITS Member Handbook Department of State Treasurer Raleigh, NC Revised January 2017 N.C. DEPARTMENT
More informationGASB STATEMENT NO. 68 REPORT
GASB STATEMENT NO. 68 REPORT FOR THE MISSOURI STATE EMPLOYEES RETIREMENT SYSTEM MEASUREMENT DATE: JUNE 30, 2018 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve
More informationCITY OF ALLEN PARK EMPLOYEES RETIREMENT SYSTEM
CITY OF ALLEN PARK EMPLOYEES RETIREMENT SYSTEM GASB STATEMENTS NO. 67 AND NO. 68 ACCOUNTING AND FINANCIAL REPORTING FOR PENSIONS DECEMBER 31, 2015 August 29, 2016 Board of Trustees Dear Board Members:
More informationCavanaugh Macdonald. The experience and dedication you deserve
Public Employees Retirement Association (PERA) of New Mexico Annual Actuarial Valuation as of June 30, 2018 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve October
More informationState Teachers Retirement System of Ohio Actuarial Valuation and Review as of July 1, 2017
State Teachers Retirement System of Ohio Actuarial Valuation and Review as of July 1, 2017 Copyright 2017 by The Segal Group, Inc. All rights reserved. 101 NORTH WACKER DRIVE, SUITE 500 CHICAGO, IL 60606
More informationArkansas Public Employees Retirement System (Including District Judges) GASB Statement Nos. 67 and 68 Accounting and Financial Reporting for Pensions
Arkansas Public Employees Retirement System (Including District Judges) GASB Statement Nos. 67 and 68 Accounting and Financial Reporting for Pensions June 30, 2017 October 18, 2017 Board of Trustees Arkansas
More informationMinnesota State Retirement System
This document is made available electronically by the Minnesota Legislative Reference Library as part of an ongoing digital archiving project. http://www.leg.state.mn.us/lrl/lrl.asp Minnesota State Retirement
More informationMinnesota State Retiement System Legislators Retirement Fund. Actuarial Valuation and Review as of July 1, 2006
Minnesota State Retiement System Legislators Retirement Fund Actuarial Valuation and Review as of July 1, 2006 Copyright 2006 THE SEGAL GROUP, INC., THE PARENT OF THE SEGAL COMPANY ALL RIGHTS RESERVED
More informationNorth Carolina Local Governmental Employees Retirement System. Report on the Actuarial Valuation Prepared as of December 31, 2014
North Carolina Local Governmental Employees Retirement System Report on the Actuarial Valuation Prepared as of December 31, 2014 October 2015 2015 Xerox Corporation and Buck Consultants, LLC. All rights
More informationSOUTH BURLINGTON SCHOOL DISTRICT RETIREMENT INCOME PLAN. ACTUARIAL VALUATION as of October 1, 2015
SOUTH BURLINGTON SCHOOL DISTRICT RETIREMENT INCOME PLAN ACTUARIAL VALUATION as of October 1, 2015 FINANCIAL REPORTING AND DISCLOSURES UNDER GASB 67 and 68 as of September 30, 2015 Prepared by: KMS Actuaries,
More informationReport on the Actuarial Valuation of the Health Insurance Credit Program
Report on the Actuarial Valuation of the Health Insurance Credit Program Prepared as of June 30, 2014 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve December 19,
More informationNorth Carolina Local Governmental Employees Retirement System Report on the Actuarial Valuation Prepared as of December 31, 2013
North Carolina Local Governmental Employees Retirement System Report on the Actuarial Valuation Prepared as of December 31, 2013 October 2014 2014 Xerox Corporation and Buck Consultants, LLC. All rights
More informationConduent Human Resource Services Retirement Consulting. The Consolidated Police and Firemen s Pension Fund of New Jersey Annual Report of the Actuary
Conduent Human Resource Services Retirement Consulting The Consolidated Police and Firemen s Pension Fund of New Jersey Annual Report of the Actuary Information Required Under Governmental Accounting Standards
More informationCITY OF CAPE CORAL MUNICIPAL FIREFIGHTERS' RETIREMENT PLAN SECTION , FLORIDA STATUTES COMPLIANCE
CITY OF CAPE CORAL MUNICIPAL FIREFIGHTERS' RETIREMENT PLAN SECTION 112.664, FLORIDA STATUTES COMPLIANCE With respect to the reporting standards for defined benefit retirement plans or systems contained
More informationCITY OF KISSIMMEE MUNICIPAL POLICE OFFICERS RETIREMENT FUND ACTUARIAL VALUATION AS OF OCTOBER 1, 2017
CITY OF KISSIMMEE MUNICIPAL POLICE OFFICERS RETIREMENT FUND ACTUARIAL VALUATION AS OF OCTOBER 1, 2017 CONTRIBUTIONS APPLICABLE TO THE PLAN YEAR ENDED SEPTEMBER 30, 2018, AND THE CITY'S FISCAL YEAR ENDED
More informationP U B L I C E M P L O Y E E S R E T I R E M E N T A S S O C I A T I O N O F M I N N E S O T A G E N E R A L E M P L O Y E E S R E T I R E M E N T P L
P U B L I C E M P L O Y E E S R E T I R E M E N T A S S O C I A T I O N O F M I N N E S O T A G E N E R A L E M P L O Y E E S R E T I R E M E N T P L A N A C T U A R I A L V A L U A T I O N R E P O R T
More informationReport on the Annual Basic Benefits Valuation of the School Employees Retirement System of Ohio
Report on the Annual Basic Benefits Valuation of the School Employees Retirement System of Ohio Prepared as of June 30, 2018 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication
More informationMaine Public Employees Retirement System Judicial Retirement Program. Actuarial Valuation Report as of June 30, 2017
Maine Public Employees Retirement System Judicial Retirement Program Actuarial Valuation Report as of June 30, 2017 Produced by Cheiron October 2017 TABLE OF CONTENTS Section Page Letter of Transmittal...
More informationDear Trustees of the Local Government Correctional Service Retirement Plan:
MINNESOTA LOCAL GOVERNMENT CORRECTIONAL SERVICE RETIREMENT PLAN ACTUARIAL VALUATION REPORT AS OF JULY 1, 2012 November 2012 Public Employees Retirement Association of Minnesota St. Paul, Minnesota Dear
More informationTEACHERS AND STATE EMPLOYEES RETIREMENT SYSTEM YOUR RETIREMENT BENEFITS
TEACHERS AND STATE EMPLOYEES RETIREMENT SYSTEM YOUR RETIREMENT BENEFITS Member Handbook Department of State Treasurer Raleigh, NC Revised January 2017 N.C. DEPARTMENT OF STATE TREASURER RETIREMENT SYSTEMS
More informationRE: GASB Statement No. 67 and No. 68 City of Cape Coral Municipal General Employees Retirement Plan
February 21, 2017 Ms. Linda Runkle, Plan Administrator The Resource Centers, LLC P.O. Box 152665 Cape Coral, FL 33915-2665 RE: GASB Statement No. 67 and No. 68 City of Cape Coral Municipal General Employees
More informationGASB STATEMENT NO. 68 REPORT
GASB STATEMENT NO. 68 REPORT FOR THE MISSOURI STATE EMPLOYEES RETIREMENT SYSTEM REISSUED MEASUREMENT DATE: JUNE 30, 2017 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you
More informationMinnesota State Retirement System. State Patrol Retirement Fund Actuarial Valuation Report as of July 1, 2017
Minnesota State Retirement System Actuarial Valuation Report as of July 1, 2017 December 6, 2017 Minnesota State Retirement System St. Paul, Minnesota Dear Board of Directors: The results of the July 1,
More informationAnne Arundel County Employees Retirement Plan
Employees Retirement Plan Actuarial Valuation as of January 1, 2017 to Determine the County s Contribution for the Fiscal Year Ending June 30, 2018 36 S. Charles Street, Suite 1000 Baltimore, MD 21201
More informationCITY OF ST. PETE BEACH FIREFIGHTERS RETIREMENT SYSTEM ACTUARIAL IMPACT STATEMENT #2 (MEMBERS USE EXCESS STATE MONIES RESERVE) March 14, 2017
CITY OF ST. PETE BEACH FIREFIGHTERS RETIREMENT SYSTEM ACTUARIAL IMPACT STATEMENT #2 (MEMBERS USE EXCESS STATE MONIES RESERVE) March 14, 2017 Attached hereto is a comparison of the impact on the Total Required
More informationEmployes Retirement System of the City of Milwaukee
Conduent HR Consulting, LLC Employes Retirement System of the City of Milwaukee Actuarial Valuation Report As of January 1, 2018 July 2018 Contents Introduction... 4 Table 1a Summary of Results of Actuarial
More information